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Simplex Infrastructure
Pure play construction company (limited BOT exposure) with presence across
infrastructure verticals (power, roads, building and housing).
Strong growth profile (16% FY10-13E revenue CAGR); current order book
(INR129b, 2.5x FY11 revenue) provides revenue visibility.
Strong order inflows in 9MFY11 (INR58b, 55% increase y-y); we estimate new
order inflows of INR78.5b (34% increase y-y).
Company at an inflection point: equipment, manpower capacity built up over last
two to three years (was a major overhang), can support revenue growth until FY13.
Internal accruals sufficient to fund equity commitments in highway and
transmission BOTs; working capital management better than peers (30% of FY10
compared to 44% peer average).
Valuation: Construction INR472 (12.5x FY12 P/E, multiple inline with historically
traded average ex-peak cycle), highway BOT INR9 (DCF based, 13.5% cost of
equity).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Simplex Infrastructure
Pure play construction company (limited BOT exposure) with presence across
infrastructure verticals (power, roads, building and housing).
Strong growth profile (16% FY10-13E revenue CAGR); current order book
(INR129b, 2.5x FY11 revenue) provides revenue visibility.
Strong order inflows in 9MFY11 (INR58b, 55% increase y-y); we estimate new
order inflows of INR78.5b (34% increase y-y).
Company at an inflection point: equipment, manpower capacity built up over last
two to three years (was a major overhang), can support revenue growth until FY13.
Internal accruals sufficient to fund equity commitments in highway and
transmission BOTs; working capital management better than peers (30% of FY10
compared to 44% peer average).
Valuation: Construction INR472 (12.5x FY12 P/E, multiple inline with historically
traded average ex-peak cycle), highway BOT INR9 (DCF based, 13.5% cost of
equity).
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